MLS Capital Fund II, L.P.
Spruce Capital Partners · adviser of record: Spruce Capital Partners LLC · 2014 vintage
MLS Capital Fund II, L.P. is a 2014 venture fund managed by Spruce Capital Partners, with $150mm raised (Form D, amount sold). It reported $117mm in gross assets at year-end 2025, 0.78x its size, against a peak of $308mm in 2021.
- Latest value held
- $117mm year-end 2025
- Peak
- $308mm year-end 2021
- Fund size
- $150mm Form D, amount sold
- Held vs. size
- 0.78x peak 2.05x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $117mm | 0.78x | -26% over 2 yrs |
| 2023 | $157mm | 1.05x | -21% |
| 2022 | $198mm | 1.32x | -36% |
| 2021 | $308mm | 2.05x | +52% |
| 2020 | $202mm | 1.35x | +33% |
| 2019 | $152mm | 1.01x | -8% |
| 2018 | $165mm | 1.10x | +16% |
| 2017 | $142mm | 0.95x | -2% |
| 2016 | $145mm | 0.97x | -1% |
| 2015 | $146mm | 0.97x | -3% |
| 2014 | $150mm | 1.00x | – |
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-8088405900. Data updated October 13, 2026.
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